Writing a Will is an important step in estate planning, but it is not a one-time task. Life circumstances change, and your Will should reflect your current wishes and financial situation. In Singapore, a Will should be updated when major events occur to ensure that your assets are distributed as intended.
1. When Should You Update Your Will?
You should consider updating your Will in the following situations:
a. Marriage or Divorce
- Marriage automatically revokes any previous Will unless it was made in contemplation of marriage (Section 13 of the Wills Act (Cap. 352)).
- Divorce does not automatically revoke a Will, so if your ex-spouse is a beneficiary, you must update your Will to remove or modify their inheritance.
b. Birth or Adoption of a Child
If you have a new child, you may want to:
- Allocate assets to them.
- Appoint a legal guardian in case both parents pass away.
c. Death of a Beneficiary or Executor
If a beneficiary or executor passes away, you need to update your Will to reassign their role or inheritance.
d. Significant Change in Assets
If you buy property, start a business, or inherit wealth, update your Will to include these assets. Likewise, if you sell a major asset listed in your Will, you should revise it.
e. Moving to Another Country
If you relocate, you should review your Will to ensure it complies with the laws of your new country. Some assets (such as overseas property) may require a separate Will in that country.
f. Changes in Relationships
If you wish to include or exclude someone (such as a new partner, estranged family member, or charity), your Will should be updated accordingly.
2. How to Update Your Will in Singapore
There are two ways to make changes to your Will:
a. Writing a New Will
- The easiest way to update a Will is to write a completely new one.
- The new Will should explicitly state that it revokes all previous Wills.
- It must be signed and witnessed according to the Wills Act (Cap. 352) (by two non-beneficiary witnesses).
b. Adding a Codicil
- A codicil is a supplementary document that makes minor changes to an existing Will without replacing it entirely.
- It must also be signed and witnessed like the original Will.
- If multiple updates are needed, writing a new Will is usually more practical than adding multiple codicils.
3. Legal Considerations When Updating a Will
- Ensure the updated Will is properly signed and witnessed, or it may be considered invalid.
- Use clear and precise language to avoid ambiguity.
- Keep your Will in a safe and accessible place, such as with a lawyer or in the Wills Registry maintained by the Singapore Academy of Law.
Updating your Will is essential to keep it aligned with your life changes and financial situation. A well-maintained Will ensures that your loved ones are cared for and that your assets are distributed according to your wishes.